{"id":64008,"date":"2023-06-06T10:46:22","date_gmt":"2023-06-06T07:46:22","guid":{"rendered":"https:\/\/ironfx-com-php8.wp-dev.int.theitops.net\/?p=64008"},"modified":"2024-07-10T16:57:22","modified_gmt":"2024-07-10T13:57:22","slug":"rba-takes-the-markets-by-surprise","status":"publish","type":"post","link":"https:\/\/www.ironfx-id.com\/id\/rba-takes-the-markets-by-surprise\/","title":{"rendered":"RBA takes the markets by surprise"},"content":{"rendered":"<p>The Aussie got a boost during today\u2019s Asian session, as RBA took the markets by surprise and proceeded with a 25-basis points rate hike, a scenario that we suggested in yesterday\u2019s report. RBA Governor Lowe, in his statement mentioned that \u201cInflation in Australia has passed its peak, but at 7 per cent is still too high and it will be some time yet before it is back in the target range\u201d while in his forward guidance stated that \u201cSome further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe\u201d. The forward guidance tends to foreshadow more rate hikes to come, which was an additional element supporting the Aussie during today\u2019s Asian session.<\/p>\n\n\n\n<figure class=\"wp-block-embed is-type-video is-provider-youtube wp-block-embed-youtube wp-embed-aspect-16-9 wp-has-aspect-ratio\"><div class=\"wp-block-embed__wrapper\">\n<iframe title=\"RBA takes the markets by surprise\" width=\"750\" height=\"422\" src=\"https:\/\/www.youtube.com\/embed\/ehgrksoNnLg?feature=oembed\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share\" allowfullscreen><\/iframe>\n<\/div><\/figure>\n\n\n\n<p>On a technical level AUD\/USD jumped during today\u2019s Asian session, breaking the 0.6640 (S1) resistance line, now turned to support. We tend to maintain our bullish outlook as long as the upward trendline incepted since the 31<sup>st<\/sup> of May remains intact. The RSI indicator reached just above the reading of 70 reflecting the strong bullish sentiment yet at the same time may imply that the pair may be reaching overbought levels and may be ripe for a correction lower. Also note that the pair\u2019s ascent peaked as the price action reached the upper Bollinger band, which may create additional difficulties for the bulls to proceed. Should the pair find additional buying orders along its path, we may see AUD\/USD breaking the 0.6700 (R1) line and aim for the 0.6770 (R2) level. Should a correction lower take place and develop into a full selling interest of the market for AUD\/USD, we may see the pair breaking initially the upward trendline guiding it in a first signal that the upward motion has been interrupted, but also break the 0.6640 (S1) line and aim for the 0.6575 (S2) level.<\/p>\n\n\n\n<p>The USD tended to edge a bit lower yet the overall sideways movement seems to be maintained against its counterparts. On a macroeconomic level our worries for the outlook of the US economy intensified as the ISM non-manufacturing PMI for May dropped almost to the reading of 50, implying a considerable slowdown of the expansion of economic activity for the US services sector, while the manufacturing sector does not seem to fare off much better as the US factory orders growth rate for April slowed down beyond market expectations. If the two are combined, they tend to imply a slowdown in the expansion of the US economy which may weaken the greenback and probably is a result of the tightening of the Fed\u2019s monetary policy.<\/p>\n\n\n\n<p>We recalibrated USD\/JPY\u2019s support and resistance levels, in order to better reflect its sideways motion between the 140.80 (R1) resistance line and the 138.70 (S1) support line. We tend to maintain our bias for the sideways motion to continue as the RSI indicator remains near the reading of 50 implying a rather indecisive market. Should the bulls take over we may see the pair breaking the 140.80 (R1) resistance line and aim for the 142.75 (S2) level. Should the bears be in charge we may see USD\/JPY breaking the 138.70 (S1) support line and aim for the 136.60 (S2) support level.&nbsp;&nbsp;<\/p>\n\n\n\n<p>US stock markets, on the other hand, tended to send out mixed signals. We note that Apple\u2019s share price hit a new record high yesterday $184.70, yet seemed to correct lower before the day ended, as it had its biggest product event in years at which it presented its new AR\/VR headset, the Apple Vision Pro, which is a positive on the one hand yet it\u2019s also a risk as the market seems to remain unproven for the particular sector currently.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-other-highlights-for-the-day\"><strong>Other highlights for the day:<\/strong><\/h2>\n\n\n\n<p>In today\u2019s European session, we note the release of Germany\u2019s industrial orders for April, Eurozone\u2019s and the UK\u2019s construction PMI figures for May as well as Eurozone\u2019s retail sales for April. Later on, we note the release of Canada\u2019s building permits for April and the API weekly crude oil inventories figure. During tomorrow\u2019s Asian session, we get Australia\u2019s real GDP Rate for Q1, China\u2019s trade data for May and on the monetary front, RBA Governor Lowe is scheduled to speak.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-aud-usd-h4-chart\"><strong>AUD\/USD H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img fetchpriority=\"high\" decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/06\/image-21.png\" alt=\"support at zero point six six four and resistance at zero point six six seven, direction upwards\" class=\"wp-image-64010\" title=\"aud-usd-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 0.6640 (S1), 0.6575 (S2), 0.6525 (S3)<\/p>\n\n\n\n<p>Resistance: 0.6700 (R1), 0.6770 (R2), 0.6820 (R3)<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-usd-jpy-h4-chart\"><strong>USD\/JPY H4 Chart<\/strong><\/h2>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"975\" height=\"456\" src=\"\/wp-content\/uploads\/2023\/06\/image-22.png\" alt=\"support at one hundred and thirty eight point seven and resistance at one hundred and forty point eight, direction sideways \" class=\"wp-image-64011\" title=\"usd-jpy-four-hour-chart\"\/><\/figure>\n\n\n\n<p>Support: 138.70 (S1), 136.60 (S2), 134.60 (S3)<\/p>\n\n\n\n<p>Resistance: 140.80 (R1), 142.75 (R2), 145.10 (R3)<\/p>\n\n\n\n<figure class=\"wp-block-image size-full\"><img decoding=\"async\" width=\"2000\" height=\"497\" src=\"\/wp-content\/uploads\/2023\/06\/image-23.png\" alt=\"\" class=\"wp-image-64012\" title=\"benchmark-06-06-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1050\" height=\"619\" src=\"\/wp-content\/uploads\/2023\/06\/image-26.png\" alt=\"\" class=\"wp-image-64015\" title=\"table-06-06-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1758\" height=\"792\" src=\"\/wp-content\/uploads\/2023\/06\/image-24.png\" alt=\"\" class=\"wp-image-64013\" title=\"morning-releases-06-06-2023\"\/><\/figure>\n\n\n\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"1751\" height=\"759\" src=\"\/wp-content\/uploads\/2023\/06\/image-25.png\" alt=\"\" class=\"wp-image-64014\" title=\"morning-releases-06-06-2023\"\/><\/figure>\n\n\n\n<p class=\"translation-block\">If you have any general queries or comments relating to this article please send an email directly to our Research team at <a href=\"mailto:research_team@ironfx.com\" target=\"_self\">research_team@ironfx.com<\/a><\/p>\n\n\n\n<p>Disclaimer:<br>This information is not considered as investment advice or an investment recommendation, but instead a marketing communication. IronFX is not responsible for any data or information provided by third parties referenced, or hyperlinked, in this communication.<\/p>","protected":false},"excerpt":{"rendered":"<p>The Aussie got a boost during today\u2019s Asian session, as RBA took the markets by surprise and proceeded with a<\/p>","protected":false},"author":15,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-64008","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-category-financial-news","entry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.3 (Yoast SEO v27.3) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>RBA takes the markets by surprise<\/title>\n<meta name=\"description\" content=\"The Aussie got a boost during today\u2019s Asian session, as RBA took the markets by surprise and proceeded with a 25-basis points rate hike\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ironfx.com\/id\/wp-json\/wp\/v2\/posts\/64008\/\" \/>\n<meta property=\"og:locale\" content=\"id_ID\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBA takes the markets by surprise\" \/>\n<meta property=\"og:description\" content=\"The Aussie got a boost during today\u2019s Asian session, as RBA took the markets by surprise and proceeded with a 25-basis points rate hike\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.ironfx-id.com\/id\/rba-takes-the-markets-by-surprise\/\" \/>\n<meta property=\"og:site_name\" content=\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\" \/>\n<meta property=\"article:published_time\" content=\"2023-06-06T07:46:22+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-07-10T13:57:22+00:00\" \/>\n<meta name=\"author\" content=\"IronFX Team\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/\"},\"author\":{\"name\":\"IronFX Team\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#\\\/schema\\\/person\\\/6727476356d10030d1564b38f6e699b1\"},\"headline\":\"RBA takes the markets by surprise\",\"datePublished\":\"2023-06-06T07:46:22+00:00\",\"dateModified\":\"2024-07-10T13:57:22+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/\"},\"wordCount\":807,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#organization\"},\"articleSection\":[\"Uncategorized\"],\"inLanguage\":\"id\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/\",\"name\":\"RBA takes the markets by surprise\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#website\"},\"datePublished\":\"2023-06-06T07:46:22+00:00\",\"dateModified\":\"2024-07-10T13:57:22+00:00\",\"description\":\"The Aussie got a boost during today\u2019s Asian session, as RBA took the markets by surprise and proceeded with a 25-basis points rate hike\",\"breadcrumb\":{\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/#breadcrumb\"},\"inLanguage\":\"id\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/rba-takes-the-markets-by-surprise\\\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RBA takes the markets by surprise\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/#website\",\"url\":\"https:\\\/\\\/www.ironfx-id.com\\\/id\\\/\",\"name\":\"Complete Turnkey Introducing Brokers (IB) Solution at IronFX\",\"description\":\"&quot;Our Introducing Brokers program offers competitive conditions tailored to our partners&#039; needs. 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